{"id":251635,"date":"2021-07-23T12:30:15","date_gmt":"2021-07-23T07:00:15","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251635"},"modified":"2021-07-23T11:46:37","modified_gmt":"2021-07-23T06:16:37","slug":"issuance-and-listing-of-securities-by-start-ups-smes-and-spac-notified-via-international-financial-services-centres-authority-issuance-and-listing-of-securities-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/23\/issuance-and-listing-of-securities-by-start-ups-smes-and-spac-notified-via-international-financial-services-centres-authority-issuance-and-listing-of-securities-regulations-2021\/","title":{"rendered":"Issuance and listing of securities by Start-ups, SMEs and SPAC notified via International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On July 16, 2021, the <span id=\"page59R_mcid622\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">International Financial Services Centres Authority<\/span><\/span> makes <span id=\"page59R_mcid625\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">International Financial Services Centres Authority (Issuance and <\/span> <span dir=\"ltr\" role=\"presentation\">Listing <\/span><span dir=\"ltr\" role=\"presentation\">of Securities) Regulations<\/span><span dir=\"ltr\" role=\"presentation\">, 2021. The Regulations are further divided in 13 Chapters and 184 Regulations.<br \/>\n<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><span id=\"page59R_mcid625\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">I. <strong>Applicability<\/strong>: The Regulations are applicable on <\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span id=\"page59R_mcid622\" class=\"markedContent\"><\/span><span id=\"page66R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">an initial public offer of specified securities by an unlisted issuer;<\/span> <\/span><span id=\"page66R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">a follow<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">on public offer of specified securities by a listed issuer;<\/span> <\/span><span id=\"page66R_mcid10\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">listing of specified securities by a start<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">up company or an SME comp<\/span><span dir=\"ltr\" role=\"presentation\">any; <\/span> <\/span><span id=\"page66R_mcid11\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">secondary listing of specified securities;<\/span> <\/span><span id=\"page66R_mcid12\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">an initial public offer of specified securities by a Special Purpose Acquisition Company;<\/span> <\/span><span id=\"page66R_mcid13\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">rights issue and\/or preferential issues by a listed issuer;<\/span> <\/span><span id=\"page66R_mcid14\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">listing of depository receipts;<\/span> <\/span><span id=\"page66R_mcid15\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">listing of debt securitie<\/span><span dir=\"ltr\" role=\"presentation\">s; <\/span> <\/span><span id=\"page66R_mcid16\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">listing of ESG debt securities; and<\/span> <\/span><span id=\"page66R_mcid17\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page66R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">issuance and\/or listing of any other securities as may be specified by the Authority from time to time.<\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">II. <strong>General Eligibility Criteria<\/strong>: <span id=\"page66R_mcid27\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The following entities shall be eligible to list its securities under these regulations on a r<\/span><span dir=\"ltr\" role=\"presentation\">ecognised stock <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">exchange:<\/span> <\/span><span id=\"page66R_mcid28\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page66R_mcid28\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A company incorporated in an IFSC;<\/span> <\/span><span id=\"page66R_mcid29\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page66R_mcid29\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A company incorporated in India; and<\/span> <\/span><span id=\"page66R_mcid30\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page66R_mcid30\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A company incorporated in a Foreign Jurisdiction.<\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">III. <strong>Public Offer of Specified Securities<\/strong><\/p>\n<p style=\"text-align: justify;\"><span id=\"page68R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">An issuer shall be eligible to make an initial public offer only if:<\/span> <\/span><span id=\"page68R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page68R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the issue<\/span><span dir=\"ltr\" role=\"presentation\">r has an operating revenue of at least USD 20 million in the preceding financial year; or <\/span> <\/span><span id=\"page68R_mcid17\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page68R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the issuer has an average pre<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">tax <\/span> <span dir=\"ltr\" role=\"presentation\">profit, based on consolidated audited accounts, of at least USD one <\/span><span dir=\"ltr\" role=\"presentation\">million during the preceding three financial years; or<\/span> <\/span><span id=\"page68R_mcid18\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page68R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">any oth<\/span><span dir=\"ltr\" role=\"presentation\">er eligibility criteria that may be specified by IFSCA.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">IV. <strong>Listing of Start-Up and SME Companies<\/strong><\/p>\n<p style=\"text-align: justify;\">The Chapter provides eligibility criteria for a start up company <span id=\"page82R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> to list its specified securities on a recognised stock exchange, with or without <\/span><span dir=\"ltr\" role=\"presentation\">making a public offer, if it meets the following criteria:<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page82R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The offer document of the company should be filed within a period of ten years from the date of <\/span><span dir=\"ltr\" role=\"presentation\">incorporation\/ reg<\/span><span dir=\"ltr\" role=\"presentation\">istration;<\/span> <\/span><span id=\"page82R_mcid8\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page82R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The annual turnover of the company for any of the financial years since incorporation\/ registration <\/span><span dir=\"ltr\" role=\"presentation\">should not have exceeded USD twenty million; and<\/span> <\/span><span id=\"page82R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page82R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The company is working towards innovation, development or improvement of products or processes o<\/span><span dir=\"ltr\" role=\"presentation\">r <\/span><span dir=\"ltr\" role=\"presentation\">services, or it is a scalable business model with a high potential of employment generation or wealth <\/span><span dir=\"ltr\" role=\"presentation\">creation.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">V. <strong>Secondary Listing of Specified Securities<\/strong><\/p>\n<p style=\"text-align: justify;\">The Chapter provides requirements for listing without public offer or with public offer <span id=\"page84R_mcid31\" class=\"markedContent\">.<\/span><\/p>\n<p style=\"text-align: justify;\">Listing without Public Offer:<\/p>\n<p style=\"text-align: justify;\"><span id=\"page84R_mcid31\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Any company which is having its specified securities listed in India (outside IFSC) or in a Foreign Jurisdiction <\/span><span dir=\"ltr\" role=\"presentation\">may list<\/span> <span dir=\"ltr\" role=\"presentation\">its specified securities on a recognised stock exchange(s), without public offer, subject to the following <\/span><span dir=\"ltr\" role=\"presentation\">conditions.<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page84R_mcid32\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The company shall file listing application, in the manner <\/span><span dir=\"ltr\" role=\"presentation\">specified<\/span> <span dir=\"ltr\" role=\"presentation\">by the stock exchange(s); and<\/span> <\/span><span id=\"page84R_mcid33\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page84R_mcid33\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The company shall comply with the list<\/span><span dir=\"ltr\" role=\"presentation\">ing requirements of the stock exchange(s) and other conditions <\/span><span dir=\"ltr\" role=\"presentation\">as may be <\/span><span dir=\"ltr\" role=\"presentation\">specified<\/span> <span dir=\"ltr\" role=\"presentation\">by IFSCA.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">Listing with Public Offer<\/p>\n<p style=\"text-align: justify;\"><span id=\"page86R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Any company which is having its specified securities listed in India (outside IFSC) or in a Foreign Jurisdiction <\/span><span dir=\"ltr\" role=\"presentation\">may list its specified s<\/span><span dir=\"ltr\" role=\"presentation\">ecurities on a recognised stock exchange(s) by undertaking public offer.<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">VI. <strong>Listing of Special Purpose Acquisition Companies<\/strong><\/p>\n<p style=\"text-align: justify;\">This chapter provides Eligibility criteria for a<span id=\"page86R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> Special Purpose Acquisition Company issuer to raise capital through initial public offer of <\/span><span dir=\"ltr\" role=\"presentation\">specified securities on the recognised stock exchange(s), only if:<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page86R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">target business combination has not been identified prior to the IPO; and<\/span><\/span><\/li>\n<li><span id=\"page86R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The SPAC has the provisions for redemption and liquidation in line with these Regulations. <\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><span id=\"page86R_mcid9\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">A<\/span> <span dir=\"ltr\" role=\"presentation\">sponsor of th<\/span><span dir=\"ltr\" role=\"presentation\">e SPAC issuer shall have a good track record in SPAC transactions or business combinations <\/span><span dir=\"ltr\" role=\"presentation\">or fund management or merchant banking activities, and the same shall be disclosed in the offer document.<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"page86R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Note: Sponsor shall mea<\/span><span dir=\"ltr\" role=\"presentation\">n a person sponsoring the formation of the SPAC and <\/span><span dir=\"ltr\" role=\"presentation\">shall include persons holding any specified securities of the SPAC prior to the IPO.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">VII. <strong>Rights Issues and Preferential Issues<\/strong><\/p>\n<p style=\"text-align: justify;\"><span id=\"page92R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">A company listed on a recognised stock exchange may issue rights issues or preferential issues of specified <\/span><span dir=\"ltr\" role=\"presentation\">securities, subject to compliance with the requirements that may be <\/span><span dir=\"ltr\" role=\"presentation\">specified<\/span> <span dir=\"ltr\" role=\"presentation\">by the recognised stock exchange(s) <\/span><span dir=\"ltr\" role=\"presentation\">and the Authority from<\/span> <span dir=\"ltr\" role=\"presentation\">time to time.<\/span> <\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">VIII. <strong>Listing of Depository Receipts<\/strong><\/p>\n<p style=\"text-align: justify;\">The chapter provides eligibility requirements for a\u00a0<span id=\"page94R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> company incorporated in India (outside IFSC) or a Foreign Jurisdiction\u00a0 to make an issue of <\/span><span dir=\"ltr\" role=\"presentation\">depository receipts only if <\/span><span dir=\"ltr\" role=\"presentation\">\u2013<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page94R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the issuer<\/span> <span dir=\"ltr\" role=\"presentation\">is authorised to issue depository receipts; and<\/span> <\/span><span id=\"page94R_mcid5\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page94R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the issuance of depository receipts by the issuer is in accordance with the applicable laws of its home <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">jurisdiction.<\/span> <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span id=\"page94R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The depository receipts shall be eligible to list only if the underlying securities which<\/span> <span dir=\"ltr\" role=\"presentation\">the depository receipts <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">represent are:<\/span> <\/span><span id=\"page94R_mcid7\" class=\"markedContent\"><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page94R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">freely transferable, in dematerialised form and rank pari passu with the existing securities of the same <\/span><span dir=\"ltr\" role=\"presentation\">class;<\/span> <\/span><span id=\"page94R_mcid8\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page94R_mcid8\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">fully paid and free from all liens; and<\/span> <\/span><\/li>\n<li><span id=\"page94R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(c)<\/span> <span dir=\"ltr\" role=\"presentation\">listed or will be listed in the home jurisdiction of the issuer <\/span> <span dir=\"ltr\" role=\"presentation\">before listing of depository receipts on stock <\/span><span dir=\"ltr\" role=\"presentation\">exchange(s).<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">IX.<strong> Listing of Debt Securities<\/strong><\/p>\n<p style=\"text-align: justify;\">The Chapter provides eligibility criteria for d<span id=\"page98R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ebt securities for listing on a recognised stock exchange: <\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page98R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Debt securities issued by an issuer incorporated in IFSC;<\/span> <\/span><span id=\"page98R_mcid4\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page98R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Debt securities issued by an issuer inc<\/span><span dir=\"ltr\" role=\"presentation\">orporated in India or a Foreign Jurisdiction in any currency other <\/span><span dir=\"ltr\" role=\"presentation\">than INR;<\/span> <\/span><span id=\"page98R_mcid5\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page98R_mcid5\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">Debt securities issued by <\/span><span dir=\"ltr\" role=\"presentation\">a supranational, multilateral or statutory organisation\/ institution \/agency;<\/span> <\/span><span id=\"page98R_mcid6\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page98R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Debt securities issued by any municipality or any statutory body or board o<\/span><span dir=\"ltr\" role=\"presentation\">r corporation, authority, trust <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">or agency established or notified by any Central or State Act or any special purpose vehicle notified by <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">the State Government or Central Government including for the purpose of raising fund by the issuer to <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">develop infrastru<\/span><span dir=\"ltr\" role=\"presentation\">cture or SMART city;<\/span> <\/span><span id=\"page98R_mcid7\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page98R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Debt securities irrevocably guaranteed by a Sovereign (India or a Foreign Jurisdiction); <\/span> <\/span><span id=\"page98R_mcid8\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page98R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Masala bonds;<\/span> <\/span><span id=\"page98R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page98R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Any other debt securities as may be permitted by IFSCA from time to time.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><span id=\"page116R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The provisions relat<\/span><span dir=\"ltr\" role=\"presentation\">ing to issuance and listing of <\/span><span dir=\"ltr\" role=\"presentation\">specified securities and debt securities <\/span> <span dir=\"ltr\" role=\"presentation\">specified<\/span> <span dir=\"ltr\" role=\"presentation\">under Securities and Exchange Board of India (International <\/span><span dir=\"ltr\" role=\"presentation\">Financial Services Centres) Guidelines, 2015 shall stand superseded on the commencement of 2021 Regulations.<\/span><\/span><\/p>\n<p><a href=\"https:\/\/egazette.nic.in\/WriteReadData\/2021\/228383.pdf\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Click to access 228383.pdf<\/a><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On July 16, 2021, the International Financial Services Centres Authority makes International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, <\/p>\n","protected":false},"author":8808,"featured_media":248110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-251635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Issuance and listing of securities by Start-ups, SMEs and SPAC notified via International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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